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Feb 15, 2021

Introducing Cryptocurrency ATMs

Introducing Cryptocurrency ATMs

Counterintuitive as they may seem, crypto-ATMs are a real thing – and their numbers are growing around the world. North America has long been ground zero for the machines; it is home to 76% of the world’s cryptocurrency ATMs, with Canada hosting the first in 2013 and the United States housing over 1,500. Until now, most crypto ATMs allowed customers to purchase only Bitcoin, and there was no ability to sell coins. ATM manufacturers like Genesis Coin, CoinFlip, and General Bytes are looking to bring a variety of cryptocurrencies, as well as the ability to sell them, to the masses.

What is a Cryptocurrency ATM?

Cryptocurrency ATM is somewhat of a misnomer – the devices are actually internet-connected terminals that allow users to perform bitcoin-related transactions, as well as redeem bitcoin for cash. Another key difference from traditional ATMs is that they connect users to a cryptocurrency exchange, rather than a bank account. The goal is to facilitate easy trading access for on-the-go crypto holders, as well as providing a measure of liquidity to users.

Crypto ATMs make money by charging transaction rates – a company like CoinFlip charges 6.9% above prominent exchange Coinbase’s rate for buys, and 3.5% below that rate for sales. The average buy rate hovers around 8.8%. While these rates are higher than using a traditional exchange, crypto ATMs allow for instant transactions in cash; most exchanges have significant wait times to complete transactions.

 

 

The Future of Crypto ATMs

CoinFlip, founded in late 2015, is a cryptocurrency ATM manufacturer and distributor focused on, in the words of COO Benjamin Weiss, “[bringing] a physical aspect to something that is very abstract to people.” The company offers two unique features that might point a direction for the future of crypto ATMs: an option not just to buy but also to sell coins, and the ability to transact Ethereum and Litecoin in addition to Bitcoin.

CoinFlip has experienced rapid growth since 2016, and it is not coming from a single demographic. Weiss told Cryptoscoop, “…[our average user] is all over the map…from people who don’t have bank accounts and are using Bitcoin as their primary bank account, to people who are sending remittances to Mexico and other countries – because it is cheaper than traditional wire transfer services – to high net-worth individuals who don’t want to buy Bitcoin from their computers and would rather just get it easily with cash by going to an ATM.”

The variety of CoinFlip use cases illustrates a potentially bright future for cryptocurrency, with mainstream adoption perhaps not too far off. Increased access to digital currencies to help meet increased demand may help companies like CoinFlip realize their ultimate goal: a crypto ATM on every corner.

Are you an active cryptocurrency investor and/or trader? Tickeron has developed Artificial Intelligence that is trained to identify technical trading patterns in cryptocurrency markets. Tickeron’s AI recently predicted a bitcoin crash when the cryptocurrency fell from over $11,000 to just under $6,000. Learn more about how algorithms can help you navigate the cryptocurrency market on tickeron.com.

Related Ticker: BTC.X

BTC.X in -1.55% downward trend, falling for three consecutive days on March 30, 2024

Moving lower for three straight days is viewed as a bearish sign. Keep an eye on this stock for future declines. Considering data from situations where BTC.X declined for three days, in of 401 cases, the price declined further within the following month. The odds of a continued downward trend are .

Price Prediction Chart

Technical Analysis (Indicators)

Bearish Trend Analysis

The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 6 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.

Bullish Trend Analysis

The Momentum Indicator moved above the 0 level on March 25, 2024. You may want to consider a long position or call options on BTC.X as a result. In of 133 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .

Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 443 cases, the price rose further within the following month. The odds of a continued upward trend are .

Fundamental Analysis (Ratings)

Fear & Greed

Market Cap

The average market capitalization across the group is 1.32T. The market cap for tickers in the group ranges from 1.32T to 1.32T. BTC.X holds the highest valuation in this group at 1.32T. The lowest valued company is BTC.X at 1.32T.

High and low price notable news

The average weekly price growth across all stocks in the group was 5%. For the same group, the average monthly price growth was 4%, and the average quarterly price growth was 0%. BTC.X experienced the highest price growth at 5%, while BTC.X experienced the biggest fall at 5%.

Volume

The average weekly volume growth across all stocks in the group was -35%. For the same stocks of the group, the average monthly volume growth was 14% and the average quarterly volume growth was 0%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating:
P/E Growth Rating:
Price Growth Rating:
SMR Rating:
Profit Risk Rating:
Seasonality Score: (-100 ... +100)
View a ticker or compare two or three
BTC.XDaily Signal changed days agoGain/Loss if shorted
 
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